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Betsson Reports Mediocre First Quarter Results

Swedish internet betting firm Betsson AB has announced that its first quarter 2013 financial results, noting higher revenues but lower operating income.

Key financial indicators for the quarter ending March 31st, 2013 were:

  • Revenues amounting to SEK 638.7 million (Q1/2012: SEK 536.1 million), equating to an increase of 19%.

  • Operating income of SEK 161.1 million (Q1/2012: SEK 174.1 million), down 7.4%.

  • A lower than expected gross profit in Casino amounting to SEK 325.4 million (Q1/2012: SEK 308.3 million). Explained by lower activity after the fall out of a pooled record high jackpot at end of January at a competitor site.

  • Marketing amounted to SEK 199.4 million (Q1/2012: SEK 135.2 million).

  • Gross turnover in Sportsbook, including all gaming solutions, amounted to SEK 3,873.6 million (Q1/2012: SEK 2,644.1 million), representing an increase of 47%.

  • Sportsbook margin after free bets was 6.7% (Q1/2012: 7.2%).

  • Income before tax amounted to SEK 160.1 million (Q1/2012: SEK 171.0 million).

  • Net income amounted to SEK 151.9 million (Q1/2012: SEK 162.3 million), down 6.4%. Corresponds to SEK 3.54 (Q1/2012: SEK 3.91) per share.

  • Customer deposits in all Betsson’s gaming solutions amounted to SEK 2,113.9 million (Q1/2012: SEK 1,468.6 million), representing an increase of 44%.

Speaking about the results company President and CEO Magnus Silfverberg said, “Betsson continues to prepare for the re-regulations by investing in marketing and in more cost effective operations."

“Due to previous investments in among other things mobile solutions, we have seen organic growth in both business-to-business gross profit of 16% and in sportsbook turnover of 26%."

“Meanwhile, the company has full focus on increasing the growth in casino, for instance through further mobile development. Altogether, Betsson sees good growth opportunities both in the short and long-term and plans to maintain its position as one of the world’s most influential gaming operators.”

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